HIGHLIGHTS
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TRENDS—Higher: CN, +$.0350; SN, +$.0625; WN, +$.0250; KWN, +$.05
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What caught my eye: Corn demand being rationed—noticed that the list of ships in the Brazilian export line-up had at least two vessels destined for Mexico; expect more to come as Brazilian producers market a record crop
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Overseas markets struggle; U.S. futures higher, Iran tensions persist. Asia: Higher--Nikkei, +0.13%; Shanghai, +0.21%; Hang Seng, +0.14%. EUROPE: Weaker—DAX, -0.47%; FTSE, -0.07%; CAC, -0.16%. WALL STREET—Futures are firm-DOW, +71; S&P, +8.75; NAS, +30.75. EXTERNALS: Aug crude: +$0.50@ $57.93; Gold: +$9.90 @ $1,410; $ Index: -.164 @ 96.056
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T-storm Weather: Scattered thunderstorms focus on/near NE, Corn Belt & Delta today, producing 0.25”-0.75” & pockets of higher totals in/near MN, eastern Corn Belt, & Delta. Some thunderstorms follow in varying areas from Tue. forward, especially from the Dakotas through northern third to half of Corn Belt where 0.50”-1.00” is most probable Jun. 25-30. Temps turn sharply warmer from west to east through Wed. leaving highs in mid-80s to mid-90s with lows in 60s-70s across a wide area for approx. 5 days
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CN, up $.0350 @ $4.4575; CU, up $.04 @ $4.5150. The funds sold 10 K on Friday—opinions as to why vary
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SN, up $.0625 @ $9.09; SQ, up $.0625 @ $9.1475. Funds: sold 8 SB; 6 K SBM; 3 SBO. Board Crush: $1.04, -6; LY, $1.73
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WN, up $.0250 @ $5.2850; WU, up $.0175 @ $5.3250. The funds were sellers of 3 K on Friday
CORN/SORGHUM
·   T-storm Weather: Rain chances for U.S. corn are slightly higher across a wider area in early July as two cool fronts pass followed by a warm-up with generalized totals of 0.25” to 0.75” most likely over July 1-8
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Consultant: Today’s USDA Crop Progress report is expected to peg U.S. corn Good/Excellent at 60-61% compared to 59% last week and 77% last year. The 5-year average for Good/Excellent for this week is 73%
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Export Inspections released at 10 am CDT; Corn, 53.9 mbu needed; 25.7 last week. Milo—2.5 needed; 0.1 last week
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December 2019 corn futures last week made a new high of $4.73 but closed Fri. at $4.53 ½--dn $0.10 v. the prior Fri.
SOYBEANS/WHEAT
· T-storm Weather: Rain chances for U.S. soybeans are slightly higher across a wider area in early July as two cool fronts pass followed by a warm-up with generalized totals of 0.25” to 0.75” most likely over July 1-8
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Consultant: USDA Crop Progress report to peg soybean planting at 85% v. 97% avg.; Good/Excellent seen at 58-60%
· Export Inspections released at 10 am CDT; Soybeans, 35.5 mbu needed; 24.8 last week
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USDA Crop Progress report to peg winter wheat harvest at 19% v. 8% last week, 39% last year and 34% for 5-year avg.
· Export Inspections released at 10 am CDT; Wheat, 17.4 mbu needed; 13.8 last week
ENERGY
· Higher: CLQ19, +$0.50 @ $57.93; EBQ, +$0.12 @ $65.32; EBQ-QCLQ, -.39;RBQ, +.0219; NGQ, +.020; HOQ, +.0048
· Chicago ethanol was $.01125 lower at $1.58; basis values were firmer: New York, +$.00125 @ $.15; Gulf, +$.00625 @ $.1050; Dallas, +$.00875 @ $.11; Tampa, +$.00625 @ $.23; LA, +$.00625 @ $.2150
· Ethanol RINs were firmer: 2018’s, +2.00 @ 17 ½ -18 ½ 2019’s, +1.50 @ 19 ¾- 21 ¼
· The July RBOB/July ethanol spread was considerably wider on Friday as corn dived, picking up $.0848 to $.2811/gal
LIVESTOCK/POULTRY ;
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Choice boxed beef was 90-cents lower on Friday at $219.82 and is $2.41 lower compared to a week ago
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Cattle on Feed: June 1 on feed, 101.6% (101.3% avg est.); May placed, 97.2% (95.9%); May Market, 100.7% (100.8%)
· USDA mandatory pork carcass cutout value declined $1.31 on Fri. to $74.89 & is down $7.06 compared to last week
· CME Lean Hog Index fell $0.41 on Friday to $79.14. July futures plummeted $3.000 and are $2.89 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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